How to price and market artistic products?

 It can be difficult for artists to determine a reasonable price for their unique creations made from epoxy resin, gypsum, wax, and other materials. Some factors to consider include the cost of materials, the amount of time and effort required to create the piece, market demand, the quality and beauty of the final product, and the general demand for handmade items.

In this article, we will take a direct look at these factors and provide some tips on how to price your artistic creations fairly for customers and profitably for your business.

profit margin

"Keep in mind that you need to achieve at least 250% of the cost of materials in order to make a fair profit from your artwork. This means that to make a profit, you need to sell your final product for at least 250 shekels when you spend 100 shekels on materials. Especially if you are just starting out and have a limited number of orders and sales, this can be a challenging task. However, you need to ensure that you cover your costs if you want to continue running your business over time."

How are material costs calculated? (Illustrative example)

"Before adding the profit to your products, it is very important to calculate the cost per piece when making it. A very simple equation that can calculate the costs of resin or gypsum and other materials."

"Let's assume we made a coaster that consumed 50 grams of resin materials (the weight of the coaster)."

To calculate how much this piece cost us, we divide the price per kilo of the resin (let's assume we used the Ultra Clear epoxy resin) when purchased by the weight of the piece and multiply it by the weight of the coaster as shown in the example below:

• 180 ÷ 1500 * 50
• 180 shekels in this case is the price of the Ultra Clear epoxy resin product.
• 1500 ml is the weight of the Ultra Clear epoxy resin product. 
• 50 grams is the weight of the coaster we made.
• 180 ÷ 1500 * 50 = 6 Shekels (cost of the coaster)
• These are the costs of making the coaster using only resin, and do not include any additions such as colors, flowers, gold leaf, etc.

"The costs of additional materials are added approximately based on their price and the quantity that has been added to the piece. Additionally, the time and effort required to make the piece are calculated (give your products the value they deserve and do not underestimate your effort and time, and do not disregard them in raising the value of the product)."

How is the piece priced? (Illustrative example)

"Continuing from the example above and to clarify how the pieces are priced..."

"According to what we mentioned above, the coaster cost us 6 shekels, and with the addition of gold paper, colors, flowers, and work time, etc., the total cost reached 10 shekels."

We said earlier keep in mind that you need to achieve 250% of the material cost, and now we will apply this example practically:

10 * 2.5 = 25 shekels selling price of a ready coaster piece

"And this is the minimum profit margin you can achieve for this example, and you can always achieve a higher profit margin depending on the quality of the materials used, the aesthetics of the final piece, and how it is marketed. This is what we will discuss together."

social media platforms

One way to increase your chances of making money is to pay close attention to your presence on social media online. This requires posting attractive pictures of your products, engaging with followers, and developing marketing materials to promote them. Good photography is especially important to showcase the beauty and authenticity of your work in the best light. Social media platforms like Instagram, which are the most popular for crafts, allow you to promote your work and connect with potential customers while also expanding your audience.

Photography

In Palestine, we see many pages working in the fields of gypsum and resin and wax, and there are thousands of creators in these artistic fields, making beautiful and stunning pieces. However, the beauty of the pieces and creations is often hidden by images with unsuitable backgrounds, poor lighting, or excessive shadows. Therefore, one of the most important tips in this field is to learn how to photograph your products professionally and present them in the highest quality.

Advertising and publicity

"I created a stunning piece with a new idea, I took professional and beautiful photos of your piece, what now?"

"Create beautiful and elegant content on your Instagram page, by using posts and stories that can reach a large number of your current followers. But let's remember, not everyone who follows you may be interested in your field of work or the pieces you showcase; it is possible that half of your current followers are your friends and relatives supporting you in this field."

"And from here comes the role of using the Instagram platform to the fullest, through:"

• Paid advertising, you will not get customers without advertising and funding for your posts and pieces, so you should allocate a monthly amount to fund your posts, which will return to you with double benefits from new followers interested in your work and art, and potential permanent customers.
• Reels, the best free way to gain new followers and customers, and to showcase your products through short and beautiful videos. Remember... the videos should be short and not boring, featuring a specific product or an idea you can implement. Don't forget to use hashtags related to your field of work.
• Posts and stories, through which you can also showcase all your products with attractive images, we also recommend organizing your Instagram page by arranging the photos and colors of the posts, which encourages users to follow you.
• Celebrities and influencers, you can contact them or send a gift from your products and request that your page and works be evaluated and advertised.

Set price

When setting the price of your handmade items, several additional factors should be considered in addition to social media. These factors include the duration of work and labor required to make the product, the complexity of the design, and the level of consumer demand.

"If you are creating a custom piece for a wedding, you may be able to charge more because it will require more time, effort, and customization. On the other hand, if you are creating a simpler design that is easy to replicate, you may need to lower your prices to compete with the market."

Product and Material Quality

"The quality and aesthetic appeal of the final product are also very important when determining the price of your artworks. Customers are often willing to pay more for high-quality products that are crafted with expertise and taste, which also possess beauty, uniqueness, and originality of the idea."

Producing works of art of the highest standards requires the use of exceptional raw materials and great attention to detail. Using resin, high-quality colors and molds, along with non-toxic and environmentally friendly products, can help you market to your customers.

In our company, we focus on importing and selling products that are friendly to humans and the environment only. This means that all the raw materials we have are non-toxic and do not contain volatile substances. This includes all resin systems and their accessories, and we have also obtained the distribution agency for the materials of jesmonite (the eco-friendly resin) in Palestine entirely.

Consider adding distinctive elements to your artworks that would enhance their beauty and differentiate your pieces, such as glitter, crystal stones, dried flowers, and coordinating the colors of the piece.

Conclusion

The aesthetic appearance of your products is just as important as the craftsmanship of the materials' quality. It also refers to the overall design, color, and texture of the piece. Use a harmonious and visually appealing color system to produce unique and eye-catching pieces. There are different methods, such as layered casting or free casting and marble, and the terrazzo technique with gypsum.

By focusing on new ideas, quality, and the aesthetic appeal of your handmade pieces, you can distinguish yourself from other artists and earn more for your creations. It is essential to strike a balance between offering high-quality products and maintaining competitiveness in the market.

"Research the selling prices of similar works by other artists and adjust your prices accordingly, while ensuring that you are still making a good profit and covering your expenses."

Thank you for reading the article, we would love to hear your opinions or suggestions for writing new educational articles below.